In a letter to members of the House Financial Services Committee, CFA urges that committee members vote 'No' on H.R. 4738, the Mutual Fund Litigation Reform Act, and H.R. 4785, the American Customer Information Protection Act. H.R. 4738 would take the problem of excessive mutual fund fees and make it worse by placing insurmountable barriers in the way of mutual fund shareholders who seek to hold funds, fund boards, and fund managers accountable when they charge excessive fees. H.R. 4785 would undermine the SEC’s ability to conduct market surveillance and ensure market integrity by summarily prohibiting the Consolidated Audit Trail (CAT) from accepting any personally identifiable information (PII), except with respect to large traders. In doing so, it would preempt steps already underway to ensure the use of PII is limited and appropriate.

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